Labor & Employment

Particularly in the current economy, it is not uncommon for purchasers, anywhere along the supply-to-distribution chain, to claim financial distress and file for bankruptcy relief.

How can a person or entity hope to collect on debts owed by a "bankrupt" purchaser? What follows is a primer on bankruptcy terms and procedures, as well as steps an unsecured creditor may follow to be in the best position to collect on what is owed without incurring substantial attorneys’ fees.

TORRANCE, Calif. — Smack Sportswear, a maker of custom-designed volleyball and beach active apparel, has lured the former True Religion Apparel executive Charles A. Lesser out of retirement and into its CFO spot.

Smack manufactures its Southern California-inspired apparel in its headquarters, five miles away from the home of beach volleyball.

CHICAGO — OfficeMax has appointed EVP, CFO and CAO Bruce Besanko, a veteran of the U.S. Air Force, to the USO of Illinois’ board of directors. Besanko will join the USO's finance committee and serve a three-year term.

Washington -- Import cargo volume at the nation’s major retail container ports is expected to increase 3.9% in December despite a strike that closed the nation’s largest port complex for the first few days of the month, but retailers are keeping a close watch on a possible strike on the East Coast and Gulf Coast, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates.

New York -- Consumer confidence declined more than expected in December, reaching a four-month low as Americans grew concerned about the possibility of higher taxes next year. The Thomson Reuters/University of Michigan preliminary consumer sentiment index decreased to 74.5 this month from 82.7 in November. Economists had projected a preliminary reading of 82 for December.

Walmart is occupying the familiar role of corporate villain again this week as new details emerge regarding a fire that killed 112 people at a Bangladesh apparel factory used by one of the retailer’s suppliers.

India -- The Indian government on Friday won a non-binding vote in the upper house of parliament on its new policy to allow foreign supermarkets to enter the country's vast retail market, which is put at approximately $450 billion.

The government had already won a vote on retail reform in the lower house two days earlier.

Mississsauga, Ontario -- Walmart Canada on Friday opened its 200th supercenter, in Edmonton, Alberta. Today's grand opening marks a major milestone for Walmart Canada. The company opened its first supercentres in Ontario in 2006. Today, Walmart Canada has supercentres in six provinces and 373 stores nationwide serving more than eight million customers each week.